Inox Clean Energy: ₹10,000 Crore IPO DRHP Filed, Khaitan & Co, Trilegal Advise

• Inox Clean Energy Limited has submitted a draft red herring prospectus for an initial public offering seeking to raise up to ₹10,000 crore, but SEBI has kept its observations on the IPO in abeyance.
• The IPO comprises a fresh issue of ₹8,000 crore and an offer for sale of ₹2,000 crore by promoter Devansh Jain.
• Khaitan & Co is advising Inox Clean Energy and Devansh Jain, with a team including Partners Madhur Kohli and Vijayaraghavan.
• Trilegal is representing the syndicate of nine book running lead managers, led by Partner Richa Choudhary.
• This significant Inox Clean Energy DRHP filing underscores the growing capital market activity in India's clean energy sector.

The involvement of such experienced legal teams underscores the complexity and scale of this India clean energy IPO.

Inox Clean Energy Limited submitted its draft red herring prospectus for an initial public offering valued at up to ₹10,000 crore, but the Securities and Exchange Board of India (SEBI) has since kept its observations on the IPO in abeyance. This significant financial move aims to bolster the company's capital base and provide an exit opportunity for a key stakeholder. The proposed IPO structure includes a fresh issuance of equity shares designed to raise ₹8,000 crore, directly contributing to the company's financial resources.

Additionally, the offering incorporates an offer for sale (OFS) component, through which the promoter selling shareholder, Devansh Jain, intends to divest shares worth ₹2,000 crore. This dual approach allows for both corporate funding and a partial monetization for existing investors. Inox Clean Energy is recognized as a constituent of the broader INOXGFL group, indicating its connection to a larger diversified business conglomerate. The filing marks a pivotal step for the company in accessing public markets for its growth ambitions.

The intricate legal aspects of the Inox Clean Energy ₹10,000 crore IPO are being managed by two prominent Indian law firms, Khaitan & Co and Trilegal, each representing different facets of the transaction. Khaitan & Co has been appointed to advise Inox Clean Energy itself, alongside the promoter selling shareholder, Devansh Jain, on this substantial capital market exercise. Their comprehensive team for this engagement includes Partners Madhur Kohli and Vijayaraghavan, Executive Director Sudhir Bassi, Senior Associates Anshul Mordia, Hrithik Khurana, and Sarjana Das, supported by Associates Arjun Kapur, Sairandhri Nawale, Siddharth Jain, Nibha Yadav, Avantika Tanwar, and Debarshi Ghosh Dastidar.

Concurrently, Trilegal is providing legal counsel to the syndicate of book running lead managers involved in the IPO. This syndicate comprises a distinguished group of financial institutions: Nuvama Wealth Management Limited, CLSA India Private Limited, Emirates NBD Capital India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited, and UBS Securities India Private Limited. The Trilegal team spearheading this advisory role is led by Partner Richa Choudhary, with significant contributions from Counsel Avanti Kale, Senior Associate Shivayana Balodia, and Associates Siddhant Mishra, Naman Shah, Dinank Bhanot, Adya Singh, and Tanushka Trivedi. The involvement of such experienced legal teams underscores the complexity and scale of this India clean energy IPO.

The Inox Clean Energy DRHP filing for an IPO of this magnitude signals a robust and growing investor interest in India's clean energy sector. A proposed ₹10,000 crore public offering positions Inox Clean Energy to significantly expand its operations and contribute to the nation's renewable energy targets. This move reflects a broader trend of capital mobilization within the clean energy space, as companies seek substantial funding to scale up projects and technological advancements.

The participation of leading legal advisors like Khaitan & Co and Trilegal in facilitating such a large-scale transaction further highlights the maturity and increasing sophistication of the Indian capital markets for green investments. The successful execution of this IPO would not only provide a substantial financial injection for Inox Clean Energy but also set a precedent for future large-scale India clean energy IPOs, potentially attracting more domestic and international investment into the sector. This development is crucial for tracking major IPOs and identifying key legal players in the evolving clean energy landscape.

This article highlights significant deal activity in the Indian clean energy sector, allowing lawyers to track major IPOs and identify the leading legal counsel (Khaitan & Co, Trilegal) advising on such high-value transactions for competitive intelligence or potential client referrals.

Source: Original reporting via legal industry news.